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Rb7-m4E Company entered into the following transactions during the month of June: June 2: Paid $329,000 cash to purchase inventory June 9: Sold 80% of
Rb7-m4E Company entered into the following transactions during the month of June: June 2: Paid $329,000 cash to purchase inventory June 9: Sold 80% of the inventory purchased on June 2 to a customer for $565,600. The credit terms were 2/10, n/30. June 16: The customer who purchased the inventory on June 9 paid one-half of their bill June 24: The customer who purchased the inventory on June 9 paid the other one-half of their bill Assume these were the only transactions Rb7-m4E Company entered into during June. Calculate the amount of gross profit reported on Rb7-m4E Company's income statement for June
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